The company had net earnings of $9.6 million(US) or 10 cents per share in the third quarter, compared with $13.5 million or 14 cents per share a year ago.
Earnings were lower mainly because of lower gold prices during the quarter. The average price realized per oz of gold sold by Echo Bay during the quarter was $387, down $46 from $433 last year. Depreciation and amortization rose to $66 per oz of production from $55 last year, reflecting completion of the expansions at the McCoy/Cove and Round Mountain mines, both in Nevada.
The company produced 218,597 oz of gold during the quarter, up 50% from 147,746 oz last year. Silver production more than quadrupled to 981,076 oz this year from 197,477 oz last year. The production increase resulted from completion of major expansions at Round Mountain and McCoy Cove.
Quarterly revenues were $85 million, up from $64.7 million a year ago. Average cash production costs were $210 per oz, compared with $205 in the third quarter of last year.
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